Scott's Camera Shop Started the Year with Total Assets of $80,000

Multiple Choice

Scott's Camera Shop started the year with total assets of $80,000 and total liabilities of $40,000. During the year, the business earned revenues of $120,000 and incurred expenses of $70,000. Scott made no additional capital contributions during the year, but did make withdrawals of $60,000. What is the amount of owner's equity at the end of the year?

A) $70,000
B) $120,000
C) $30,000
D) $60,000